Michael Rubin wants Fanatics to be No. 1 in betting. Tuesday’s results in Nebraska and Congress made that climb steeper
Source: Fortune ·
Fanatics backed Nebraska's failed mobile betting push, and a projected Democratic Congress has prediction markets, Rubin's newest bet, in its sights.
From the source
Michael Rubin does not like third place. “For Fanatics, we believe we need to be number one in whatever we do,” the founder and CEO of Fanatics said in an October interview on CNBC’s Squawk Box. In sports betting, he admitted, “We’re a distant No. 3 in the betting and gaming business. We don’t like that.” What the midterms mean for Fanatics Tuesday’s elections made that climb steeper. Nebraska voters rejected a pair of ballot measures that would have legalized online sports betting, with Initiative 441 failing 54.5% to 45.5% in unofficial returns. Fanatics was among at least four major sportsbooks that supported the measure, alongside BetMGM, DraftKings, and FanDuel, though FanDuel and DraftKings supplied most of the nearly $22 million campaign. Covers estimates mobile betting in the state could not launch before 2029. Nationally, Democrats are projected to win control of the Senate and the House, according to AP projections. That matters for Rubin’s newest bet. Fanatics Markets, the…